Volvo AB (VOLV-B.SK) said Wednesday that fourth-quarter revenue rose by 11%, and that in 2017 the company had achieved its highest ever sales and operating profit.
The Swedish manufacturer said revenue for the quarter was 91.70 billion Swedish kronor ($11.62 billion), rising from SEK82.56 billion in the same period a year earlier and beating analyst expectations. Analysts polled by FactSet had said they expected Volvo's revenue to be SEK88.23 billion.
Continue Reading Below
Operating profit for the quarter was SEK7.33 billion, the company said. Volvo said currency movements in the fourth quarter negatively impacted operating profit by SEK778 million.
Volvo, which manufactures trucks under the Renault, Volvo, Mack and UD brands, said that in 2017 the company's trucks, construction equipment, Volvo Penta and financial-services divisions all recorded their highest ever operating profit.
President and CEO Martin Lundstedt said that in the full year, Volvo had improved its profitability with an operating margin of 9.1%.
Write to Oliver Griffin at firstname.lastname@example.org
(END) Dow Jones Newswires
January 31, 2018 02:05 ET (07:05 GMT)